Why You Need a Real Estate Accountant
Alice Kaneyia, CPA
We help real estate businesses and investors in Florida save thousands in taxes, and grow with outsourced accounting, advisory & tax services.
An accountant is an important member of your team as a real estate investor or professional. Real estate professionals and companies basically hire accountants to take care of their financial records. They are responsible for filing other monetary reports such as tax records and inventories.
Why you should consider hiring a real estate accountant
- All year round, you have access to bookkeeping twists that can make or break your real estate venture. An accountant usually studies the market and masters trends and tax changes that may be relevant to your venture
- An accountant helps you structure your plans and operations in a tax efficient manner.
- An accounting expert’s advice during decision making is very important for your business. With their guidance, you make informed choices and your ventures are shielded from sudden market shocks. The accountant also helps in asset evaluation/ resource evaluation, capitalization exercises and appraisal coordination.
As a real estate professional, you usually deal with huge amounts of money in their business. Hence, the need for somebody to moderate your transactions and make every penny run smoothly.
In addition, with the amounts of money involved, some real estate professionals lose a lot of it and some lose their businesses due to tax fraud and misfiling. Makes sense to hire an accountant now? One will take care of your tax preparation and filing with the precision needed.
In a nutshell, you do not have to worry about the following with a real estate accountant in your team;
- Tax advice, filing and preparation
- Tax compliance and financial planning – When need arises, they can represent you before the IRS. They also catch tax/ financial problems before they become an issue with IRS.
- Forensic accounting – monitor your books and prevent fraud
- Payroll Management
In conclusion, the accountants/ CPAs are important in any business set up. You might have been taking care of your books over the years but the input of an accountant in your business could make a whole lot of difference.